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Tiffany & Co. Gets Approval for Net-Zero Emissions Target
The Science Based Targets initiative confirmed the jeweler’s goal is in line with the latest climate science.
A look inside Tiffany & Co.’s renovated New York City flagship, also known as “The Landmark.” The jeweler recently received approval from the Science Based Targets initiative on its net-zero emissions target.
New York—Tiffany & Co. has received approval from the Science Based Targets initiative (SBTi) on its net-zero emissions target.
The SBTi guides the private sector on the best practices for setting emission reduction targets that are in line with the latest climate science.
The group is a partnership between CDP, the United Nations Global Compact, the World Resources Institute, and the World Wide Fund for Nature.
“This validation confirms that the targets Tiffany & Co. has set to reach net-zero emissions by 2040 are based on the latest climate science and meet the urgent need to keep warming to 1.5°C in line with the Paris Agreement,” said Tiffany.
The jeweler also received approval from SBTi on its 2030 near-term greenhouse gas reduction target.
By 2030, Tiffany pledged to reduce Scope 1 and 2 emissions, which are related to its own operations, by 70 percent compared with a 2019 baseline.
It plans to reduce Scope 3 emissions, which are related to its supply chain, by 40 percent by 2030 compared with the 2019 baseline.
Tiffany said it’s on track to meet both targets, having already reached 33 percent reductions in all three scopes last year.
The near-term target will mark a “significant milestone” toward its net-zero target, which includes a 90 percent reduction in emissions in all scopes by 2040.
“The remaining 10 percent of emissions is planned to be neutralized by high-quality carbon removals through Tiffany & Co.’s expanded investments in nature-based solutions,” said the company.
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The SBTi guides the private sector on the best practices for setting emission reduction targets that are in line with the latest climate science.
The group is a partnership between CDP, the United Nations Global Compact, the World Resources Institute, and the World Wide Fund for Nature.
“This validation confirms that the targets Tiffany & Co. has set to reach net-zero emissions by 2040 are based on the latest climate science and meet the urgent need to keep warming to 1.5°C in line with the Paris Agreement,” said Tiffany.
The jeweler also received approval from SBTi on its 2030 near-term greenhouse gas reduction target.
By 2030, Tiffany pledged to reduce Scope 1 and 2 emissions, which are related to its own operations, by 70 percent compared with a 2019 baseline.
It plans to reduce Scope 3 emissions, which are related to its supply chain, by 40 percent by 2030 compared with the 2019 baseline.
Tiffany said it’s on track to meet both targets, having already reached 33 percent reductions in all three scopes last year.
The near-term target will mark a “significant milestone” toward its net-zero target, which includes a 90 percent reduction in emissions in all scopes by 2040.
“The remaining 10 percent of emissions is planned to be neutralized by high-quality carbon removals through Tiffany & Co.’s expanded investments in nature-based solutions,” said the company.
To reach its goals, it will require “the engagement and decarbonization of [the] entire value chain.”
Last year, the jeweler worked internally across departments to map out how to reach its goal, delving into the sourcing of raw materials, the distribution and transportation of its products, and the partnerships with its suppliers and manufacturers.
The company said it’s in the process of rolling out a supplier engagement program so it can work with key suppliers on decarbonization. There are plans to launch pilot engagements by the end of the year.
The jeweler also looked at the construction and operation of its retail stores, including the new Landmark flagship in New York City.
For the revamped flagship, the company made “significant investment” in sustainability by incorporating environmental, health and well-being initiatives into the store’s redesign plans. The store is on track to achieve LEED Gold certification and WELL Platinum certification, which is a measure of how a space promotes health and well-being.
Within its portfolio, more than 35 retail stores, offices, and manufacturing sites have been LEED-certified.
Starting in 2006, Tiffany & Co. has installed on-site solar at five locations, including in the Dominican Republic, Cambodia, and Rhode Island, as well as in two office and distribution facilities in New Jersey.
This year, the solar power plans will expand to its diamond polishing facility in Botswana and its jewelry manufacturing site in Lexington, Kentucky.
Currently, 91 percent of its global electricity stems from clean, renewable sources, said the company, including on-site solar and renewable electricity credits in more than 25 countries of operation.
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